We decrease our target price (TP) by 22.2% to VND27,300 but maintain our BUY rating for MBB. Our lower TP is due to (1) a cut in our target P/B from 1.75x to 1.30x, (2) an increase in our cost of equity from 13.0% to 15.6% and (3) a 7.7% aggregate decrease in our projected 2022-2026F NPAT, which are partly offset by the positive impact of rolling our TP horizon forward to end-2023F.

We decrease our 2022F net income by 1.7% to VND18.2tn (USD733mn; +37.5% YoY) vs our previous forecast because of an 8.0% decrease in NOII as the 9M 2022 result was slightly behind our forecast. 

We delay our capital raising assumption of 135 million shares (2.9% of current outstanding shares) to Viettel and professional investors to mid-2023F and late 2023F, respectively. 

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